TXAG 05 said:

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Diggity said:

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what area?

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Shepherd Park Plaza(GOOF)

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gotcha. that area definitely gone nuts.

The house (I think) you're talking about looks to be quite overpriced.

She's comping it with the highest per square foot sales in recent history, one of which went $100K over ask back in May. That seems to have been the peak so expectations will need to be reset.

The owner is the listing agent, so I imagine she's just trying to see what the market will bear.

She paid ~$300/sqft about the same time you bought your place.

The owner isn't the agent on this one, but its currently under contract so obviously someone didn't have a problem overpaying for it.

I am probably being too picky but when I look at listings that more than 15% over country appraisals I just move on. I figure the seller is living in the past and we are going to be too far apart on price.

My friend just had to settle at 20% below county appraiseral but honestly his house wasn't move on ready and spending 10k to freshen it up likely would have done him some good.

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You should ignore CAD values. They don't have anything to do with reality. As an example, I just sold a home in the Heights for approximately 200% of its CAD assessed value. I also had another listing recently that was offered about 5% below its CAD value and didn't sell for a few months on the market.

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Agree 100%. Among other reasons, 2 exact same houses in same hood could have totally different CAD values just because one regularly contested appraisal and the other didn't.

Lots of over priced stuff that's not moving with interest and tax rates this high. Bad time to be in the market.

Interest rates haven't changed in the last two years though.

Why would anyone buy right now when it's generally accepted that interest rates are going down very soon.

1939 said:

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Why would anyone buy right now when it's generally accepted that interest rates are going down very soon.

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There are situations. Maybe you are a family that had to move to a new area for work and you don't want to deal with renting for a year, then buying and having to go through the moving process again. Maybe you are a cash buyer and don't care what the interest rates are. Maybe the house that you want in the specific area that you want is finally available and you want to jump on it while you can. Maybe you are ready to move on with your life and the extra $1-2k/month is meaningless to you.

1939 said:

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Why would anyone buy right now when it's generally accepted that interest rates are going down very soon.

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Exactly who are these folks that 'generally accept' rates are going down soon? Not me and I've been in mortgage for 22 years. Yes the Fed might lower their rates by .25 and maybe .5 but they do not control long term rates. They have considerable influence but Longs are controlled by the market. And the market hates inflation.

The PPI came in at 5 times the change expected (.9 not .2) which is producer's inflation. That is now in the pipeline so retail customers will see that soon. I'd watch that index for the next few months to estimate future inflation.

I've been hearing that rumble too and I don't really believe it. I certainly don't believe it'll be enough to change the monthly payment by $1k in the homes in my price range.

I'll believe it when I see it, but the interest rates haven't really been any different this summer than they were the last two summers. The thing that has changed is the administration and like it or not, that has affected the buyer's temperature/sense of urgency more than anything else.

permabull said:

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I think sellers who are sitting on low payments because they bought before the boom and then refinanced during COVID are more than willing to wait out the market.

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Hi, that would be me.

All the young new buyers at work want me to move out so the folks occupying the starter homes they are trying to buy will move out so they have a house to buy.

Except we are seeing the opposite of what everyone else is discussing. Inventory is crazy low in my area. For sale listings are 1/3rd of what it was a few years ago. Homes are still getting multiple offers over asking. Young guy who sits next to me, he and his wife finally got a house after putting in offers on 6 others over the last 6 months.